
==================================== General information ======================================================
 number of cross:                        12.0000 
 time period                           1977.0000 - 2017.0000 
 number of replication                10000.0000 
 Maximum number of breaks                 5.0000 
 Maximum number of frequencies            5.0000 

 Model:                                 flexible constant (without trend) 

 The long-run variance was estimated as in Sul, Phillips and Choi (2003) with the Bartlett kernel       
================================================================================================================


 =================================================================================================================
                     Critical values with :  10000.0000  replication and Bootstrape technique
 =================================================================================================================
                                PANKPSS        90           95          99          P-value
homogeneous panel_KPSS stat      0.7662       6.9568       8.4300      11.7790       0.2218 
homogeneous panel_KPSS stat      9.1230      12.0632      14.0077      17.4563       0.0000 


-----------------------------------------------------------------------------------------------
 KPSS stationary test with multiple sharp drifts and smooth breaks: Chang and Ranjbar(2012)    
-----------------------------------------------------------------------------------------------

      Bartlett      90%           95%         97.5%        99% 
      0.1256       0.0891       0.1087       0.1539 
      0.0920       0.0626       0.0748       0.1013 
      0.3769       0.0476       0.0587       0.0825 
      0.1327       0.0869       0.1036       0.1405 
      0.1167       0.0559       0.0664       0.0913 
      0.0797       0.1074       0.1397       0.2169 
      0.0427       0.1039       0.1301       0.1868 
      0.0412       0.0458       0.0534       0.0721 
      0.0724       0.0994       0.1176       0.1526 
      0.2928       0.1918       0.2576       0.4003 
      0.0318       0.0658       0.0797       0.1103 
      0.1859       0.0555       0.0661       0.0877 

------------------------------------------------------------------------------------


-----------------------------------------------------------------------------  
                         Sharp drift dates;                                   
 -----------------------------------------------------------------------------

   1992.0000    1997.0000       0.0000       0.0000       0.0000 
   1982.0000    1990.0000    1995.0000    2012.0000       0.0000 
   1980.0000    1987.0000    2003.0000    2007.0000       0.0000 
   1985.0000    1999.0000    2011.0000       0.0000       0.0000 
   1981.0000    1991.0000    2007.0000       0.0000       0.0000 
   1980.0000    1995.0000    2003.0000       0.0000       0.0000 
   1989.0000    1996.0000    2004.0000       0.0000       0.0000 
   1981.0000    1990.0000    2003.0000    2012.0000       0.0000 
   1986.0000    2007.0000    2011.0000       0.0000       0.0000 
   1997.0000    2002.0000    2013.0000       0.0000       0.0000 
   1981.0000    1991.0000    2013.0000       0.0000       0.0000 
   1989.0000    2003.0000    2010.0000       0.0000       0.0000 
========================================================================================================

     opt_freq       F stat       90%          95%          99%
      2.0000      66.0936       2.2483       3.0249       4.6310 
      1.0000      40.6345       2.5826       3.4195       5.3325 
      1.0000       7.7578       2.5726       3.4242       5.7886 
      4.0000      47.9685       2.3208       3.0389       5.0185 
      2.0000      15.6975       2.4541       3.3146       5.2733 
      5.0000       8.7208       2.4656       3.3506       5.3166 
      5.0000       6.6360       2.4823       3.3126       5.3235 
      4.0000       2.8375       2.4231       3.2601       5.2234 
      2.0000      42.0006       2.2986       3.0011       4.7873 
      4.0000       1.9465       2.4827       3.2719       5.3663 
      2.0000     113.7675       2.4329       3.1748       4.8221 
      2.0000      92.5659       2.4185       3.2403       5.1425 
========================================================================================================


============================================================================================================
---------------------------- For graph----------------------------
 Please copy export this results to the Excel. Then copy export from excel to Eviews and then give graph
 graph
     -0.7964      -0.6239      -0.8723      -0.2127       0.9698       0.6023       0.7177       0.6930       1.5356       1.5021       0.9244       0.9326       0.0628      -0.0259       0.2864       0.2389       1.6169       1.5638       1.1467       1.0603      -0.7360      -0.6945      -0.0532      -0.1799 
     -0.6957      -0.6757       0.0402      -0.1306       0.7358       0.5717       0.8473       0.6422       1.5699       1.4728       0.9002       0.8720      -0.0004      -0.1896       0.2033       0.2030       1.7690       1.5482       1.2568       1.0281      -0.6493      -0.6773      -0.1288      -0.1676 
     -0.8027      -0.7576       0.2109      -0.0437       0.3042       0.5414       0.1945       0.4809       1.4016       1.4363       0.9397       0.8486      -0.2963      -0.2065       0.1659       0.1800       1.4747       1.5174       1.1952       0.9942      -0.7572      -0.6951      -0.3517      -0.1789 
     -0.8578      -0.8620       0.1396       0.0459       0.2175       0.5119       0.0751       0.2678       1.3395       1.3960       0.7645       0.8756      -0.4025      -0.0672       0.1810       0.1781       1.3890       1.4743       0.9341       0.9709      -0.8032      -0.7463      -0.2396      -0.2129 
     -1.0948      -0.9792       0.2394       0.1362       0.3112       0.2759       0.4104       0.0807       1.3162       1.3557       0.6110       0.4643      -0.2750       0.1504       0.1614       0.1981       1.3497       1.4230       0.8926       0.9668      -0.6937      -0.8261      -0.3511      -0.2663 
     -1.1578      -1.0981       0.2622       0.2250       0.0905       0.2503       0.1857      -0.0125       1.0297       1.0202       0.4145       0.5270      -0.0979       0.3247      -0.0541      -0.2753       1.2190       1.3682       0.9927       0.9832      -0.4858      -0.4613      -0.4238      -0.3342 
     -1.1306      -1.2078      -0.2324      -0.3505       0.2752       0.2275       0.1606       0.0223       0.9448       0.9908       0.4885       0.5551       0.1224       0.3583      -0.2937      -0.2387       1.3312       1.3150       1.0326       1.0143      -0.2746      -0.5740      -0.4285      -0.4102 
     -1.2104      -1.2979      -0.3428      -0.2708       0.3391       0.2081       0.0763       0.1723       1.0110       0.9713       0.4480       0.5329       0.1373       0.2324      -0.3821      -0.2135       1.3416       1.2685       1.1717       1.0487      -0.6669      -0.6880      -0.4928      -0.4872 
     -1.3148      -1.3602      -0.2883      -0.1985       0.2496       0.1926       0.0619       0.3830       0.9977       0.9635       0.4956       0.4728       0.0498       0.0173      -0.1271      -0.2087       1.2207       1.2328       1.0212       1.0739      -0.8688      -0.7926      -0.5502      -0.5581 
     -1.2603      -1.3888      -0.0766      -0.1353       0.1737       0.1812      -0.0361      -0.1669       0.8515       0.9681       0.4388       0.4085       0.1381      -0.1667      -0.3813      -0.2262       1.2109       1.2114       0.9877       1.0807      -1.0110      -0.8781      -0.5496      -0.6163 
     -1.1870      -1.3810      -0.1468      -0.0828       0.0706       0.1743      -0.0325      -0.0592       1.0217       0.9847       0.4538       0.3758      -0.0179      -0.2167      -0.3310      -0.2596       1.0624       1.0639       1.0214       1.0667      -1.1101      -0.9364      -0.6031      -0.6563 
     -1.1891      -1.3375      -0.0253      -0.0420      -0.1270      -0.2783       0.0872      -0.0777       1.1020       1.0118       0.4883       0.3930       0.3600      -0.1049      -0.3307      -0.2967       1.1565       1.0755       0.9695       1.0368      -0.9126      -0.9623      -0.6728      -0.6745 
     -1.2814      -1.2625       0.0175      -0.0141      -0.3349      -0.2758      -0.1964      -0.2156       0.9128       1.0468       0.4918       0.4506       0.4315       0.1064      -0.2332      -0.3240       1.1002       1.1027       0.8813       1.0021      -0.8730      -0.9532      -0.5662      -0.6690 
     -1.2844      -1.1629       0.0012       0.0004      -0.3699      -0.2688      -0.5075      -0.4227       0.9593       1.0864       0.3842       0.5163       2.2183       1.9551      -0.2408      -0.3315       1.1410       1.1431       0.9772       0.9752      -0.9641      -0.9101      -0.4030      -0.2643 
     -1.3287      -1.0479       0.2211       0.3088      -0.1972      -0.2573      -0.6524      -0.6236       1.3403       1.1271       0.7799       0.5534       3.2452       2.0213      -0.0986       0.0152       1.1714       1.1928       1.0033       0.9658      -0.8259      -0.8368      -0.1971      -0.2154 
     -0.7795      -0.9284       0.2309       0.2957      -0.3222      -0.2416      -0.8740      -0.7451       0.9637       0.9379       0.3947       0.5412       1.9187       1.9243      -0.0822       0.0472       1.2475       1.2472       0.8830       0.9774      -0.9148      -0.9752      -0.1870      -0.1506 
     -0.5463      -0.3221       0.2159       0.2692      -0.2854      -0.2221      -0.8574      -0.7430       1.0954       0.9694       0.4778       0.4864       1.0561       1.7181       0.0732       0.0846       1.2674       1.3012       1.0581       1.0057      -0.8280      -0.8645      -0.0984      -0.0760 
     -0.2252      -0.2262       0.2599       0.2297      -0.1727      -0.1992      -0.5465      -0.6181       1.0545       0.9916       0.5063       0.4198       1.2132       1.5181       0.1312       0.1138       1.3814       1.3499       0.9936       1.0405      -0.7295      -0.7499       0.0275       0.0015 
     -0.2148      -0.1563       0.3539       0.1784      -0.1158      -0.1735      -0.4361      -0.4158       0.8924       1.0025       0.2023       0.3785       1.3172       1.4361       0.1780       0.1241       1.3911       1.3886       0.9361       1.0691      -0.6487      -0.6420       0.0698       0.0746 
     -0.0797      -0.1189       0.4536       0.6859      -0.0688      -0.1455      -0.2912      -0.2098       0.9513       1.0010       0.5871       0.5698       1.1222       1.5178       0.1643       0.1119       1.3200       1.4138       0.9271       1.0810      -0.5015      -0.5509       0.2114       0.1365 
      0.1250      -0.1176       0.4568       0.6145      -0.0682      -0.1160      -0.1433      -0.0751       0.9630       0.9873       0.6472       0.6214       0.9240       0.8163       0.2671       0.0815       1.3577       1.4232       1.2317       1.0720      -0.5268      -0.4851       0.2456       0.1815 
      0.2732       0.4477       0.5695       0.5356      -0.0762      -0.0856      -0.0338      -0.0608       0.9562       0.9626       0.7320       0.6885       1.0699       1.0225       0.1357       0.0440       1.4306       1.4157       1.5566       1.3846      -0.4911      -0.4508       0.0538       0.2053 
      0.2555       0.3800       0.6378       0.4508      -0.0736      -0.0551      -0.0852      -0.1721       0.9263       0.9293       0.7701       0.7338       0.9593       1.1199      -0.0027       0.0132       1.3753       1.3922       1.3644       1.3499      -0.5273      -0.4510       0.2906       0.2058 
      0.1574       0.2858       0.3005       0.3623      -0.0894      -0.0251      -0.8617      -0.6062       0.8806       0.8905       0.7574       0.7318       0.8910       1.0539      -0.2827       0.0001       1.3045       1.3549       1.2842       1.3199      -0.5147      -0.4860       0.2216       0.1829 
      0.2605       0.1737       0.3428       0.2721       0.0641       0.0037      -0.7890      -0.8161       0.9104       0.8497       0.6938       0.6837       0.9610       0.8615       0.2355       0.0096       1.4465       1.3071       1.3615       1.3055      -0.5352      -0.5522       0.2020       0.1387 
      0.1300       0.0543       0.3499       0.1823       0.0590       0.0305      -0.9975      -0.9631       0.9384       0.8108       0.5164       0.6164       0.8228       0.6502       0.0719       0.0382       1.3413       1.2534       1.1052       1.3120      -0.6612      -0.6437       0.1554       0.0773 
     -0.1039      -0.0614       0.2558       0.0950      -0.0767       0.0548      -1.0409      -0.9937       0.8575       0.7775       0.5090       0.5675       0.5949       0.5381      -0.0318       0.0755       1.2175       1.1988       0.8846       0.6730      -0.7774      -0.7518      -0.0902       0.0045 
     -0.1422      -0.1625       0.0663       0.0123      -0.2241      -0.3424      -0.9170      -0.8968       0.7712       0.7527       0.3076       0.1771       0.4274       0.5879      -0.1527      -0.2007       1.1582       1.1483       0.7584       0.7074      -0.8704      -0.8664      -0.3387      -0.3805 
     -0.3048      -0.2396      -0.1789      -0.0639      -0.2979      -0.3249      -0.8532      -0.7076       0.6864       0.7389       0.2211       0.2214       0.1221      -0.0905      -0.1655      -0.1850       1.1230       1.1067       0.6986       0.7386      -0.9739      -0.9770      -0.4672      -0.4554 
     -0.3649      -0.2856      -0.2048      -0.1318      -0.3291      -0.3114      -0.1227      -0.4951       0.6754       0.7372       0.2017       0.2885      -0.0723       0.1246      -0.2026      -0.1917       1.0451       1.0779       0.7231       0.7554      -0.9681      -1.0732      -0.4539      -0.5207 
     -0.2746      -0.2961      -0.2631      -0.1899      -0.4300      -0.3023      -0.3111      -0.3366       0.5641       0.7480       0.4501       0.3408      -0.0691       0.2508      -0.2332      -0.2184       0.9828       1.0644       0.7959       0.7516      -1.1154      -1.1459      -0.5289      -0.5703 
     -0.3330      -0.2702      -0.4102      -0.2367      -0.6100      -0.7571      -0.3895      -0.2898       0.4406       0.2615       0.3818       0.3492      -0.3392       0.2175      -0.2819      -0.2553       0.5857       0.6124       0.5553       0.7286      -1.1848      -1.1886      -0.6330      -0.5998 
     -0.1863      -0.2102      -0.2502      -0.2711      -0.7745      -0.7571      -0.3747      -0.3718       0.3753       0.2929       0.3506       0.3088      -0.1548       0.0433      -0.3435      -0.2891       0.6938       0.6321       0.7295       0.6947      -1.2755      -1.1971      -0.6032      -0.6062 
     -0.2823      -0.1219      -0.3531      -0.2924      -0.8207      -0.7619      -0.4881      -0.5528       0.2905       0.3307       0.1940       0.2424      -0.2168      -0.1743      -0.3192      -0.3074       0.5818       0.6662       0.6102       0.6624      -1.2804      -1.1706      -0.6969      -0.5890 
     -0.0580      -0.0133      -0.2440      -0.3000      -0.8642      -0.7712      -0.6509      -0.7667       0.3080       0.3713       0.1876       0.1870      -0.2694      -0.3139      -0.3294      -0.3035       0.7613       0.7118       0.4583       0.6433      -1.0771      -1.1117      -0.7909      -0.8001 
      0.0511       0.1053      -0.0976      -0.2939      -0.8622      -0.7848      -0.4487      -0.4867       0.3545       0.4110       0.1161       0.1735      -0.2165      -0.2972      -0.2022      -0.2789       1.3381       1.2938       0.5967       0.6445      -1.0306      -1.0259      -0.7241      -0.7425 
      0.2343       0.2230       0.0775       0.1712      -0.8815      -0.8025      -0.5634      -0.5493       0.4340       0.4461       0.1154       0.2096      -0.1583      -0.1338      -0.0070      -0.0311       1.3516       1.3486       0.8541       0.6654      -0.8477      -0.9210      -0.6689      -0.6720 
      0.4608       0.3286       0.2331       0.2043      -0.8656      -0.8238      -0.4480      -0.4827       0.5378       0.4733       0.2113       0.2750       0.0243       0.0852       0.0496       0.0038       1.3511       1.4006       1.1188       1.1735      -0.6062      -0.5832      -0.6095      -0.5951 
      0.6457       0.4125       0.3424       0.2498      -0.7493      -0.8481      -0.2235      -0.3110       0.5445       0.4900       0.2689       0.3332       0.4248       0.2372      -0.0183       0.0246       1.4754       1.4448       1.4116       1.2067      -0.3712      -0.4706      -0.5767      -0.5189 
      0.6901       0.4668       0.3830       0.3067      -0.7616      -0.8750      -0.1452      -0.0969       0.3677       0.4947       0.3512       0.3517       0.5949       0.2374      -0.0033       0.0236       1.5998       1.4772       1.1231       1.2279      -0.3174      -0.3699      -0.4368      -0.4506 
      0.5948       0.4864       0.2696       0.3736      -0.8957      -0.9038      -0.0160       0.0817       0.4058       0.4870       0.4210       0.3200       0.6022       0.0855       0.0012       0.0012       1.3438       1.4947       1.1839       1.2294      -0.4196      -0.2906      -0.3687      -0.3965 
